Deputy Governor of the Bank of Uganda (BOU), Prof Augustus Nuwagaba, has called for bold tax and regulatory reforms to attract private capital and unlock Uganda's strategic investment opportunities.

Speaking at the 15th UK-Africa Summit, Prof Nuwagaba said the central bank is driving financial modernisation, managing macroeconomic risks, and opening new channels to private capital.

He cited oil, agro-industry, infrastructure, and climate-aligned sectors as key areas where Uganda is seeking increased investment, backed by policy stability and institutional reform.

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He stressed the need to reduce harmful taxes and economic uncertainties, simplify tax payment processes, and introduce targeted incentives for investors in priority sectors.

"We must ensure the reliability of our economic infrastructure to lower operational costs, while incorporating ESG standards and providing green investment incentives, particularly in agriculture, manufacturing, and renewable energy," Prof Nuwagaba said.

The Deputy Governor also urged sweeping regulatory changes to make Uganda more investment-friendly.

He proposed cutting bureaucratic red tape, expediting licensing and permits, and operationalising a one-stop centre under the Uganda Investment Authority (UIA) to streamline services for investors.

He further called for the liberalisation of capital and financial accounts to enable the free movement of private capital, permitting foreign ownership in strategic sectors, and ensuring transparency and fair competition to curb monopolistic practices.

Prof Nuwagaba said these reforms would position Uganda as a competitive destination for sustainable investment in Africa.